Apple 'to purchase Color Labs'

Apple is to buy photo and video sharing social network Color Labs, it has been
claimed.

The iPhone manufacturer is understood to have purchased Color Labs for a million dollar figure. The deal is confirmed although not yet signed, according to the The Next Web.

It is thought Apple may be interested in securing Color's patents, which include one for recording HD video that the company was rumoured to be interested in.

Start-up social network Color Labs hit the headlines last year when it secured an unprecedented $41 million (£25 million) in funding before it was even launched.

Under founder Bill Nguyen the company released a photo-sharing app, but it failed to take off. A video-sharing app which allowed customers to record and post videos on Facebook was then introduced. However, it also enjoyed little success.

It is not the first time Apple has bought one of Nguyen's start-ups. In 2009, the company purchased online music store LaLa for $80 million.